Classification of vehicles insured
The vehicles are generally divided in the following four categories for the purposes of insurance:
(1) Private cars.
(2) Commercial vehicles which refer to any type of mechanically driven vehicle used for business or trade purposes. They may be passenger vehicles, goods vehicles or tractors.
(3) Trade vehicles.
(4) Motor cycles.
Rates are promulgated for each classification, and for rate-making purposes further classification on the basis of the use to which the vehicle is put is made within those classes.
Tariff and Non-Tariff Offices
The insurance companies are of two types. Those which are members of the Motor Tariff Association are called ‘Tariff Offices’ and those which are not the members of the Tariff Association are known as ‘Non-Tariff Offices.’ Most of the companies are tariff offices. The premium rates and policy conditions of all the tariff offices are regulated by the Tariff Association. In Bangladesh there is one Tariff Association for commercial vehicles for the whole country, but for the private cars and motor-cycles there are regional tariffs. The
One of the trademarks of car insurance in the twenty-first century is the fact that there truly isn’t one — that is, the landscape of auto insurance is constantly evolving with new technologies every day. Here, we explore how mobile telematics solutions are the key to helping not just your auto insurance business stay ahead of the curve, but to create safer roads for all.
“Don’t text and drive.”
“Phones just shouldn’t be allowed in the car, ever.”
“People who use phones in the car deserve what happens to them.”
These are all common mantras one hears in most conversations surrounding mobile devices and car use. And with good reason; often, those who utilize their phones while driving are doing so at the expense of paying attention to the road, endangering their own lives and the lives of those around them.
But what if it were possible to use mobile devices safely in the car? Better yet. What if it were possible for mobile phones and tablets to actively make driving, well,
When it comes to saving money on your monthly expenses, car insurance is not something you want to go without. Not only is it illegal to operate a vehicle without minimum coverage, but having a good policy also protects you, your loved ones, and your vehicle investment. Fortunately, getting a top policy doesn’t mean you have to pay a premium price. There are many ways you can save on your car insurance, and one of the main ways is by receiving discounts. Here are nine discounts that you may qualify for that could save you a bundle on your monthly payment.
You have to pay your car insurance premiums no matter what, so why not pay them in such a way that saves you a little money in the process? If you can swing it, paying a full year’s or half a year’s worth of premiums up front may allow you to qualify for a discount. Not an option? You can still receive a discount on many policies
This article tells you what to do and what not to following a parking lot car accident so that you don’t break the law and can protect your finances.
Did you know that one in every five accidents happens in the parking lots? Although most of them are minor ‘fender bender’ types, many drivers don’t know how to handle the situation. Should I report it to the police? Should I inform my insurer? A number of questions crop up following parking lot accidents. The fact that a parking lot is a private property and a unique set of right-of-way guidelines governs it differentiates it from other types of car accidents. Here are four insurance related issues to consider in case of a parking lot accident.
Since parking lots fall under the category of private property, accidents that occur in such spots come under the preview of a special type of insurance policy – the collision insurance. Whether you are at fault or not, this policy keeps you covered in both cases. If you are
You are an experienced driver. You pride yourself on your expertise. Then, the inevitable thing occurs while texting on your cell phone: you get into an accident!
It’s a rock solid fact that no one in the auto insurance industry will deny. If you drive recklessly and get into an accident with your car, truck, van, motorcycle or RV, your coverage rates will go up – and that’s across the board with all the companies and carriers.
One of the most widely highlighted auto distractions is talking on your cell phone. But experts cite other sources of distraction that you may not have even considered before. With your life and other lives at stake, nothing – they say – but the road should be your focus. Anything other than the road will put you at a risk, causing you to become dangerously preoccupied.
Mind over Matter
Of course, if your mind is on something other than the matter of driving your vehicle, it is not a good thing.
Most folks claim that their car, van, truck, RV, or motorcycle is one the most costly assets they own. Nonetheless it is relatively common for many people to simplify matters for auto thieves.
Don’t make it easy for criminals to make off with your car. Steer away from common mistakes others make so that you will find your vehicle parked just where you left it.
Six Easy Ways to Make Car Thefts Less Easy
1. Never leave your vehicle while the engine is still on.
Though its common practice to warm up your car in the cold weather, resist the temptation to let it stand for even a minimum amount of time without being inside. Doing so just invites the unscrupulous thief to take it and drive off!
2. Never leave your extra car keys within your vehicle.
Auto insurance companies tell us that anyone who leaves a spare set of car keys within their vehicle offers car trespassers looking for loot an opportunity to move one step
Car insurance will vary depending on things such as your driving history, your location, the cost of your vehicle, and the gap between your coverages. The right policy is as important to owning a vehicle as regular maintenance. If you happen to get into an accident without an active policy, you are at risk of paying millions in damages. Even a $5,000 penalty could be detrimental to some individuals and families. This is why choosing the right company is crucial for your legal, financial, and personal well-being. Now that we all know why we need car insurance, we need to know what are some important ways to save.
Eight Smart Ways to Save
1. Compare Policy Rates
Prices differ significantly from company to company. Take the time to explore as many options as you can before deciding on one.
2. Choose the Higher Deductible
If you can afford it, choose the higher deductible and pay less each month for coverage. A deductible is the amount you have to pay before your provider will cover the rest of your
In any insurance policy, a deductible is any expense that the policy holder must pay out of his own pocket before the insurer steps up to pay the expenses. It is also used to describe any clauses that are used as a policy payment threshold. There are actually two types of such clauses in a car insurance policy, namely compulsory excess clause and voluntary excess clause.
The deductible or excess is an amount that the insured agrees to pay from his pocket with the balance being taken care of by the insurance company. This is in the event that any claim arises and the amount is determined beforehand in discussions between the insurance company and the insured.
To take an example of a claim, if the deductible in a car insurance policy is INR 5000, and a claim arises for INR 15,000, then the insurance company would pay INR 10,000 while deducting INR 5,000 from the insured.
The compulsory excess clause in car insurance is something that cannot be predetermined by the insured.
Accidents happen and they happen all of the time.
Before 1848, there was no official manner in which travel on railroad could be immune to the eventuality of risk exposure to losses and damages. In a groundbreaking move, the Railway Passengers Assurance Company of England, sold policies to anyone interested in the coverage. After that, the idea of insurance protection spread like wildfire across the globe – heralding insurance plans for general liability and more – homeowners, commercial, auto, truck, workers comp, life, bonds and so on.
Although the original insurance companies were built on the notion that accidents result in bad consequences, this is not always the case. Who, after all, can claim they do not enjoy a bite of a chocolate chip cookie? Have you ever heard someone complaining about eating a potato chip? And what about modern medicine and the amazing cures they provide? Many of these beneficial products were created by… you guessed it – accidents!
• When a cookie business owner realized she did not have the
At a time when road accidents cause the death of millions, there is a need to check driving behavior through mobile technologies.
According to WHO, 1.25 million people die due to road accidents. WHO also estimates accidents will be the seventh leading cause of deaths globally. Is there a need to press the panic button in the face of these figures? What kind of education is required to check accidents or reduce the accident risks? Let us dwell deeper.
According to Bob Joop Goos, chairman of the International Organization for Road Accident Prevention, “Over 90% of accidents are caused by human error.” Human error is all about driving behavior, isn’t it? Well, if it is so there is a need for a driver scorecard for improving driving and making driving safe. This is to ensure that he get his insurance claim hassle free for losses incurred. Having come thus far, let us go into the technical aspects of enhancing ones driving behavior. Moreover, let us also consider whether one has to pay ‘fixed
Saving money on your auto insurance and getting a good value for your premium dollar is not the same as getting “cheap” insurance. Believe me, there are differences between insurance carriers and there is plenty of “cheap” insurance out there. That does not mean you will have the coverage you expect when the worst happens and you need it most! There are however several ways to reduce your premiums. Let’s explore a few that might be beneficial to you:
Take physical damage coverage off your older vehicle. If you carry “Comprehensive” and “Collision” coverage on a vehicle that is over 10 years old, go to the websites for NADA or Kelly Blue Book and check out the vehicles current market value. You may be surprised to learn that you’re spending hundreds of dollars per year for coverage on a vehicle where the return on a total loss may not be a cost- effective investment. Be sure to add however a coverage called “UMPD” that will give you coverage for the market value of your vehicle if it becomes a total loss
Traditionally buying a new business or personal vehicle is expensive. Contract hire and lease packages had made affording a new vehicle easier than ever. The no-nonsense simplicity of the package as well as the sheer flexibility means that it is quickly becoming one of the nations favorite ways of funding a vehicle purchase.
This attraction is now not only limited to the business world, instead growing numbers of the public all keen to take advantage of the low commitment and low initial outlay that the package offers.
So is contract hire gap insurance honestly worth buying? Will it actually work and do you really need it?
The Financial Conduct Authority are keen to promote a transparent finance and insurance market. A financial market in which the public can have confidence in, safe in the knowledge that financial services will do as they expect during the life time of their policy and offer real benefits.
So will contract hire gap insurance be able to stand the test of time and live up to the expectations of the market?
Many contract hire owners are now blissfully unaware
It is a legal obligation of every vehicle owner to have at least state liability insurance. This is applicable in all states except New Hampshire because of its delay in passing the insurance requirement laws for drivers in the state. However, there are some confusing laws like the R-S-A 264:3 statutes that suspend your driving license and registration if your car is uninsured and you are involved in an at-fault accident.
On the other hand, as a resident of the other 49 states which accommodate more than 99% of the population of the United States, you must get an insurance policy or face legal implications that can financially cripple you. It will, therefore, be wiser to obtain the best affordable vehicle insurance coverage for complete coverage, to satisfy your state’s insurance specifications, as well as a good match for your budget. Here is a summary of the basic types of vehicle insurance
Vehicle Liability Insurance
This basic type of car insurance covers you or another insured driver on your policy, in case an at-fault vehicle accident occurs, this will compensate for the cost or
It is the most affordable type of auto insurance, yet it complies with state’s regulations. All optional coverage for example Rental Reimbursement and Roadside Assistance are not in the policy to reduce the premium without losing the necessary protections.
Standard and Non-Standard Insurance Market
There are two different types of insurance markets including standard and non-standard markets. The former is the typical auto insurance for drivers with little to zero traffic tickets in the driving records. Insurance companies regard consumers of this market as low-risk drivers. Non-standard is for drivers who have major traffic violations histories such as speeding or DUI. For these drivers, acquiring auto insurance from the standard market can be difficult due to strict approval requirements by providers.
Standard market insurers are reluctant to provide policies because of the following reasons:
· High-risk drivers have tendencies to commit the same traffic violations
· There is a chance that the insurer must pay a considerable amount of compensation for repeated violation
· Some drivers get their high-risk status because of policy cancellation
To keep the premium rates affordable, you must focus on safe driving
Insurance companies want to provide coverage because they basically think you are worth protecting. For them, there are generally two types of customers: safe-driver (which is the preferred class) and high-risk driver. Each type receives different treatments as the former has the bigger advantages such as discounts and generally cheaper rates. On the other hand, providing coverage for high-risk drivers is quite risky; insurers think that those drivers have tendencies to get involved in accidents. Based on this assumption, high-risk drivers will have to pay more without discounts and other good benefits. You are categorized as either safe or high risk type based on DMV’s data concerning driving records. Traffic offenses such as speeding, reckless driving, or driving while intoxicated are some of most important violations which will adversely affect your premium. Not wearing seat-belt is probably a minor one, which can be dismissed from the record after paying fines, will probably never affect anything. You can actually figure out whether you are in the
Selecting the right car insurance requires the similar effort as selecting the car itself. While selecting a car the market research starts months prior and one test drives almost all the cars falling in one’s budget range. But the enthusiasm drops significantly when buying insurance for that priced possession. Many people in India still consider car insurance as a statutory obligation and settle for any run in the mill insurance policy or go for popular insurance company names rather than understanding what all things their policy covers.
The process to compare cars plans is very significant from saving upon premium as well as getting better plan features perspectives. In case of car insurance it is said that one must compare plans of at least three insurance companies. The more the merrier philosophy holds true in this case. Inviting quotes from a big number of companies always works in favor of the buyer as it helps plucking out the cheapest plan in the market.
A comprehensive car insurance policy covers the owner’s damages as well as the
Auto insurance rules and regulations are quite similar in most places. The SR-50 policy however makes the Indiana State very unique. This is an affidavit that is used to validate driver compliance with financial responsibility mandates in the state of Indiana. Important to note is that the SR-50 is not in any way an insurance policy; it is rather a certificate that is issued by insurance carriers and sent to the Bureau of Motor Vehicles (BMV) as proof that you, the driver, have a valid insurance policy in place.
The affidavit contains important information such as the name of the driver and driving license number of insured parties. It also has the policy’s start date and expiration dates. Unlike the SR 22 that verifies coverage for a specific period, the SR-50 verifies coverage on a specific date. This form shows that you carry minimum insurance required by the state to cover you in case of an accident. If you are a car owner, you are required to attach this form to your regular auto insurance policy but you can also
Reports by renowned publications like Forbes ranks 2015 Wrangler Sports Jeep as the car with the lowest average yearly insurance rate in The United States. According to research by some online research team, the same car also ranked as the car with the cheapest insurance rate. The study conducted by Forbes was carried out on a middle-aged driver who goes on an average drive of 12 miles daily.
The annual cost was averagely about $1,135; which is about $100 monthly. This is, of course, good news for owners of this model that is fun to drive. For prospective buyers who are still contemplating whether or not to acquire the 2015 Wrangler Sports Jeep, these incredible rates are good enough to convince them to go for the brand. All over the US, Maine had the lowest prices for the brand model with an annual bill of about $700, which translates to less than $60 monthly as the premium for a new car. A lot of consumers will appreciate this rate as a result of the recent rise in insurance rates.
Jeeps like Patriots and some
Funny, isn’t it – how an old car is only attractive if it’s considered antique or classic? For the classic auto enthusiast, the interest is more than a simple hobby. For most, it’s a passion that perhaps even supersedes the passion of an ATV, motorcycle, truck or even boat owner. It’s a pastime that involves homeowners, renters, landlords – and the full spectrum of society.
To this type of auto fan, it becomes an obsession that should flood his or her free moments – especially weekend time. So, for all of you that insurance companies write policies for – this is for you and your wonderful craze!
Exceptional Fun Facts for the Antique and Classic Car Lover
• Do you know the difference between the automobile term, horseless carriage, and the term vintage car? A horseless carriage is in reference to the antique cars that went public from 1896 to 1915 and a vintage car refers to cars made between the years 1916 and 1925.
• See if you can guess this one! How many Barracuda convertible cars were produced in all? The grand
Maybe you have also heard the term PIP auto insurance, and it sent you wondering, what’s that now? Here is some light of what PIP auto insurance is all about; PIP (Personal Injury Protection) auto insurance is a type of vehicle coverage. It is added insurance cover that will clear some of your hospital bills after a genuine car accident. It will also pay for some others non-incident related charges.
PIP has so many benefits, and the most obvious one is that PIP auto insurance compensates for lost wages resulting from any serious injuries that the insured suffers. Secondly, a PIP claim will be active regardless of who was responsible for the accident; this is what insurance experts refer to as “no fault” protection.
You can get your “PIP” insurance cover for your car online within 5 minutes. You can also do shop to shop comparisons from up to 10 national carriers and then select the plan that seems to work best for you.
PIP COVERAGE BENEFITS
Medical costs are high, and they are rising year after year, maybe you have not considered that